Verisign said revenues for the three and six months ended June 30, 2024 were $387.1 million and $771.4 million, up 4% and 5% from the same periods a year earlier. Operating income for the same periods was $266.2 million and $525.1 million, an increase of 7% in both periods.

1. 01

   Verisign said revenues for the three and six months ended June 30, 2024 were $387.1 million and $771.4 million, up 4% and 5% from the same periods a year earlier. Operating income for the same periods was $266.2 million and $525.1 million, an increase of 7% in both periods.

2. 02

   The company said its .com and .net domain name base stood at 170.6 million as of June 30, 2024, down 2.2% from June 30, 2023 and a net decrease of 1.8 million from March 31, 2024. It said new .com and .net registrations were 9.2 million in Q2, compared with 10.2 million in the same period last year. The final .com and .net renewal rate for Q1 2024 was 74.1%, versus 75.5% for Q1 2023.

3. 03

   The company said revenue growth was driven by the .com price increase that took effect on September 1, 2022 and the .net price increase that took effect on February 1, 2023, both of which were in 2023 and 2024 respectively, partially offset by a decline in the .com and .net domain name base and the elimination of revenue from operating the .gov gTLD. It also cited weaker demand in China and reduced marketing by some registrars, including those in the U.S., focused on new customer acquisition, as factors that affected renewal rates and new registrations.

4. 04

   The company said net cash provided by operating activities was $417.7 million for the six months ended June 2024, compared with $404.3 million for the same period in 2023. It repurchased 2.2 million shares of common stock for an aggregate cost of $388.0 million during Q2 2024. Effective July 25, 2024, its Board of Directors authorized an additional $1.11 billion of repurchases, bringing the total repurchase authorization under the program to $1.50 billion.

Key figures

Quarter ended June 30, 2024

Revenue

$387M

Operating income

$266M

Net income

$199M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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